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Seoul shares sharply down late Tues. morning on recession woes

Stocks 11:31 May 10, 2022

SEOUL, May 10 (Yonhap) -- South Korean stocks traded 1.41 percent down late Tuesday morning, as investors were wary of high inflation and a global economic slowdown in the wake of the global monetary tightening.

The Korea Composite Stock Price Index (KOSPI) had lost 36.93 points to 2,573.88 as of 11:20 a.m.

The market opened sharply lower, after U.S. shares tumbled overnight on fears of high inflation and stagnant growth.

Uncertainties surrounding the Ukraine crisis and the prolonged lockdown of major Chinese cities also dampened investor sentiment.

Most blue chips traded in negative terrain in Seoul, with tech and bio shares leading the overall market decline.

Top-cap Samsung Electronics sank 0.91 percent, and major battery maker LG Energy Solution shed 0.76 percent. Pharmaceutical giant Celltrion shed 2.12 percent.

Insurance and chemicals also traded lower, with Samsung Life losing 2.04 percent and leading chemicals maker LG Chem tumbling 3.08 percent.

Major carmakers traded mixed. No. 1 carmaker Hyundai Motor decreased 1.65 percent, while Kia grew 0.73 percent.

The local currency had been changing hands at 1,275.80 won against the greenback as of 11:20 a.m., down 1.8 won from the previous session's close.


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